The board of
( MWY) has gotten a makeover, thanks to
CEO Sumner Redstone.
At Midway's annual meeting on Thursday, shareholders elected two Redstone-backed candidates to the company's board, naming them chairman and vice chairman. Shareholders also essentially ratified another Redstone initiative, shrinking the company's board from 11 to eight members.
Redstone, who owns or controls some 73.2% of Midway's stock, has taken
effective control of the video-game software maker in recent months. Last week, he
alerted investors that he is considering taking the company private.
Shareholders elected Kenneth Cron, Sherri Redstone and Joseph Califano to Midway's board at the annual meeting. Cron, who is the interim CEO of
, will serve as Midway's chairman. Sherri Redstone, the daughter of Midway's largest stakeholder, will serve as vice chairman.
Redstone nominated both Sherri Redstone and Cron to serve on the Midway board this spring after increasing his stake in the company.
Califano, the Secretary of Health, Education & Welfare under President Jimmy Carter, is the chairman of the National Center on Addiction and Substance Abuse at Columbia University. He will serve as an independent director.
Midway investors also re-elected Louis Nicastro, William Bartholomay, Harold Bach Jr., Ira Sheinfeld and Robert Waxman. Directors not re-appointed or re-elected include outgoing Chairman Neil Nicastro, William McKenna, Norman Menell, Harvey Reich, Jay Whipple and Richard White.
Shares in Midway were recently up 27 cents, or 2.2%, to $12.53.